Why the Global Economy Is a Ponzi Scheme and We Are All Bernie Madoffs

AlterNet by Joseph Romm | Mar. 11, 2009 (Opinion)

As Thomas Friedman agrees in the next article, we have constructed the grandest of Ponzi schemes by living off future generations. Full Story »

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4.0

by Gerald Zuckier - Mar. 16, 2009

Takes an interesting and unorthodox point of view and makes a good case for it.

I've never understood how people managed to abstract the actual production of goods and services of value from this abstract thing called "the economy" which manages to rise and fall independently from the actual total physical wealth of society. Romm brings into it the added cost of the using up of natural resources which would put a big crimp into our actual "growth" if there was any kind of accurate calculation.